Houston Mortgage Resource » Current Issues http://www.mortgagemikespeaks.com The Trusted Mortgage Resource Provider Fri, 02 Sep 2011 13:25:11 +0000 http://wordpress.org/?v=2.6.3 en New GFE is Coming Our Way! http://www.mortgagemikespeaks.com/2011/09/02/new-gfe-is-coming-our-way/ http://www.mortgagemikespeaks.com/2011/09/02/new-gfe-is-coming-our-way/#comments Fri, 02 Sep 2011 13:25:11 +0000 admin http://www.mortgagemikespeaks.com/?p=239
  • A Ray of Hope, New Disclosures and a Seat at the Table The Consumer Financial Protection Bureau has been tasked with...
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    The CFPB is giving transparency to the development of a new GFE and they are asking for our input.
    Check out the 2 versions of the new GFE at www.consumerfinance.gov/knowbeforeyouowe

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    ]]>     http://www.mortgagemikespeaks.com/2011/09/02/new-gfe-is-coming-our-way/feed/     Documenting Source of Funds to Close http://www.mortgagemikespeaks.com/2011/07/28/documenting-source-of-funds-to-close/ http://www.mortgagemikespeaks.com/2011/07/28/documenting-source-of-funds-to-close/#comments Thu, 28 Jul 2011 13:42:08 +0000 admin http://www.mortgagemikespeaks.com/?p=236 Yet Another Related Posts Plugin.]]>
    Unacceptable source of funds to close like cash advances and unsecured loans will cause delays in the closing of a loan. Documenting non payroll deposits is a critical aspect of the loan approval process. Watch the video to learn why.

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    ]]>     http://www.mortgagemikespeaks.com/2011/07/28/documenting-source-of-funds-to-close/feed/     Retaining a Current Residence Creates Qualifying Heart Burn http://www.mortgagemikespeaks.com/2011/07/15/retaining-a-current-residence-creates-qualifying-heart-burn/ http://www.mortgagemikespeaks.com/2011/07/15/retaining-a-current-residence-creates-qualifying-heart-burn/#comments Fri, 15 Jul 2011 13:21:39 +0000 admin http://www.mortgagemikespeaks.com/?p=233 Yet Another Related Posts Plugin.]]>

    If your clients plan on retaining their current home speak to a loan officer first. Changes in the guidelines create several hurdles to jump over to get a mortgage.

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    ]]>     http://www.mortgagemikespeaks.com/2011/07/15/retaining-a-current-residence-creates-qualifying-heart-burn/feed/     Credit Reporting Errors Costing Us $1000’s http://www.mortgagemikespeaks.com/2011/06/22/credit-reporting-errors-costing-us-1000s/ http://www.mortgagemikespeaks.com/2011/06/22/credit-reporting-errors-costing-us-1000s/#comments Wed, 22 Jun 2011 16:25:15 +0000 admin http://www.mortgagemikespeaks.com/?p=225 Yet Another Related Posts Plugin.]]>

    Credit reporting errors are driving up cost of financing by increasing interest rates to consumers. Watch the video and see how it happens.

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    ]]>     http://www.mortgagemikespeaks.com/2011/06/22/credit-reporting-errors-costing-us-1000s/feed/     A Ray of Hope, New Disclosures and a Seat at the Table http://www.mortgagemikespeaks.com/2011/05/25/a-ray-of-hope-new-disclosures-and-a-seat-at-the-table/ http://www.mortgagemikespeaks.com/2011/05/25/a-ray-of-hope-new-disclosures-and-a-seat-at-the-table/#comments Wed, 25 May 2011 15:48:45 +0000 admin http://www.mortgagemikespeaks.com/?p=222
  • New GFE is Coming Our Way! The CFPB is giving transparency to the development of...
  • Are Larger Down Payments Requirements in Our Future? Qualified Residential Mortgage guidelines will limit the availability of...
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    The Consumer Financial Protection Bureau has been tasked with creating new mortgage disclosures. They actually invited the mortgage industry to be a part of the creative process, hallelujah!
    You can view the new disclosures and make comments by visiting this website, www.consumerfinance.gov/knowbeforeyouowe.

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    1. New GFE is Coming Our Way! The CFPB is giving transparency to the development of...
    2. Are Larger Down Payments Requirements in Our Future? Qualified Residential Mortgage guidelines will limit the availability of...

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    ]]>     http://www.mortgagemikespeaks.com/2011/05/25/a-ray-of-hope-new-disclosures-and-a-seat-at-the-table/feed/     Why is the Loan Process So Personal? http://www.mortgagemikespeaks.com/2011/05/06/why-is-the-loan-process-so-personal/ http://www.mortgagemikespeaks.com/2011/05/06/why-is-the-loan-process-so-personal/#comments Fri, 06 May 2011 19:32:45 +0000 admin http://www.mortgagemikespeaks.com/?p=219 Yet Another Related Posts Plugin.]]>

    Give us a sample of blood and your first born if you want this mortgage…
    The mortgage process is very personal, watch the video and discover why.

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    ]]>     http://www.mortgagemikespeaks.com/2011/05/06/why-is-the-loan-process-so-personal/feed/     The Tide is Changing at FHA http://www.mortgagemikespeaks.com/2011/04/29/the-tide-is-changing-at-fha/ http://www.mortgagemikespeaks.com/2011/04/29/the-tide-is-changing-at-fha/#comments Fri, 29 Apr 2011 14:48:18 +0000 admin http://www.mortgagemikespeaks.com/?p=216 Yet Another Related Posts Plugin.]]>

    FHA increases the monthly mortgage insurance premium by 25 basis points.
    Watch and see how this will impact your business.

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    ]]>     http://www.mortgagemikespeaks.com/2011/04/29/the-tide-is-changing-at-fha/feed/     Poor appraisals are a result of this process http://www.mortgagemikespeaks.com/2011/04/21/poor-appraisals-are-a-result-of-this-process/ http://www.mortgagemikespeaks.com/2011/04/21/poor-appraisals-are-a-result-of-this-process/#comments Thu, 21 Apr 2011 14:21:44 +0000 admin http://www.mortgagemikespeaks.com/?p=213
  • Documenting Source of Funds to Close Unacceptable source of funds to close like cash advances...
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    Appraisal Management Companies reduce the quality of appraisals by working with inexperienced appraisers willing to work for less money.
    Watch the video to learn about a secret the large national mortgage companies do not want you to know.

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    ]]>     http://www.mortgagemikespeaks.com/2011/04/21/poor-appraisals-are-a-result-of-this-process/feed/     QRM is BAD! http://www.mortgagemikespeaks.com/2011/04/13/qrm-is-bad/ http://www.mortgagemikespeaks.com/2011/04/13/qrm-is-bad/#comments Wed, 13 Apr 2011 14:07:51 +0000 admin http://www.mortgagemikespeaks.com/?p=210
  • Documenting Source of Funds to Close Unacceptable source of funds to close like cash advances...
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    A Qualified Residential Mortgage (QRM) is defined as any loan with:
    20% down payment
    28/36% ratios
    No late pay on credit report for 2 years
    Exceptions are FHA/VA and Conventional loans, for now

    Watch the video to learn how this will impact our business.

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    ]]>     http://www.mortgagemikespeaks.com/2011/04/13/qrm-is-bad/feed/     How Much is this Going to Cost Me? http://www.mortgagemikespeaks.com/2011/03/30/how-much-is-this-going-to-cost-me/ http://www.mortgagemikespeaks.com/2011/03/30/how-much-is-this-going-to-cost-me/#comments Wed, 30 Mar 2011 14:41:43 +0000 admin http://www.mortgagemikespeaks.com/?p=205 Yet Another Related Posts Plugin.]]>

    There are 2 sources for cash to close.
    1. Liquid - checking, savings, and money market accounts
    2. Non Liquid - stocks, bonds, mutual funds, and retirement funds
    Non liquid sources require advance preparation to ensure we get to the closing table on time.
    Watch the video and see why.
    Technical issues are making it appear that I can project my voice well in advance of my mouth moving. Enjoy my new trick!

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